ANP
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NOS News•yesterday, 23:14
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The revenue of Meta, owner of Facebook and Instagram, has fallen for the first time since the company was founded. It is a revenue decline of only 1 percent, but it is not good news for the tech giant, which always wants to continue to grow and has strong competition from TikTok.
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Meta’s total revenue is largely driven by advertising revenue, but the digital advertising market is in a deadlock due to high inflation. Last quarter, Meta received $28.82 billion. In the same period last year, that was still 29.08 billion dollars.
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The revenue forecast for the next quarter is also lower than what analysts had expected. Meta expects a turnover of between 26 and 28.5 billion dollars, analysts estimated at 30.52 billion dollars.
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Much less profit
The company’s net profit fell a lot faster than sales at 36 percent. Earnings were $6.69 billion compared to $10.39 billion last year.
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In Europe, the number of monthly active Facebook users is also decreasing. There are now 407 million. The number of daily active Facebook users is declining less rapidly.
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